IDF, Oaktree to invest $1.7 billion in Bloom Energy fuel cells for AI infrastructure
BE•$1.7 billion investment for AI cloud infrastructure
Industrial Development Funding (IDF) and U.S.-based asset manager Oaktree said on Thursday they will invest $1.7 billion in deploying Bloom Energy's BE.N fuel-cell technology to help power AI cloud infrastructure, including dedicated electricity supply for Nebius' AI computing operations.
The investment will fund behind-the-meter power generation using Bloom's fuel cells, allowing Nebius to meet growing demand for AI compute capacity, the companies said.
IDF is leading the development of the Nebius project, while Oaktree is participating as a minority equity investor.
Fuel cells gain traction for data center power needs
Data center operators are increasingly turning to nuclear, renewables and fuel cells to meet soaring power needs from AI and cloud computing, fueling billions in new infrastructure spending.
Brookfield BAM.N in 2025 had agreed to invest up to $5 billion in Bloom's fuel cell technology to power data centers.
Fuel cells offer a cleaner alternative to traditional power by generating electricity through chemical reactions rather than combustion. Depending on the fuel, byproducts can include water and heat, making them more environmentally friendly.
